1 ) 18 (2002.8) Legal A spects of International J oint Ventures * I. II. III. IV. 1 )*
I.. (foreign direct inv estment : FDI) (foreign indirect inv estment ).,,,. (joint venture: JV ).. 1) (partnership JV ) (corporate JV ). 2).,,..,. 3) 1), ( 2 ),, 2001, 758. 2) (equity JV) (contract JV). Stephen P.H. Johnson, "Negotiating and Drafting International Contract Joint Ventures", N eg otiating and S tructuring I nternational Com m ercial T ransactions: L egal A naly sis with Samp le A g reem ent, Shelly P. Battram and David N. Goldsw eig (ed), American Bar Association, 1991, p.303. 3),, 758. - 1 -
IMF 4)..,. II. 1..., (KOT RA ). 5) 4) 1998 11,, KOT RA (KISC) (IR management ). 1998 8,852, 1999 15,541, 2000 15,697 1962 1997 24,647. 5) 5 8 (FDI),,, 5 4. - 2 -
.,,,,.,., ( ),. 10% 10%, 1,,. 1 ( 7 1 ). ( 3 1 16, 7 1, 2 ). : (, ) ( ) : ( ) 1 :,, :, ( 9 1 3 ), - 3 -
( 18 2, 3, 30 6 ). 9 4. < 1>, ( ),. 1,.,.. :, (2000.1), 86 2001 11 6 ( ) 6)., ( ) ( ). 6). ( ) 20, 3, ( ) 2, ( ) 2.,, 2001.11.17. - 4 -
. < 1>.. OECD 1996 (Organization for Economic Cooperation and Dev elopment : OECD ) OECD (Code of Liberalization of Capital Mov ement s ). 7) I List A. < 2> OECD I (List A) A. 1., 2. 3. 5 B. 1., 2. 3. 5 < > A B. i) ii) (ex ception ally detrim ental) IMF, 1998 6 2 7), OECD, 5,, 1996, 40 42. - 5 -
. 9 1999 4 1 2001 1 2. 8), 9),.,. (multi- netting, ). 2. 10). (mobility ).,. (multinational corporation : MNC) 8), 2 ( ), 2000.12.15. <http:/ / w ww.mofe.go.kr/ mofe2/ html/ mainindex_search.php3> 9), 219 159 30%. 10) (2000.1) 83 94. - 6 -
.,.,,. (MNC),. (FDI)., (competition and concentration ). 1990. (non - FDI flow s ) (FDI flow s ). 11). 1990 (FDI). 1994, 1997 11) Pieter Bottelier, "T he Role of F oreign Direct Investment and Multinational Corporations in China ' s Developm ent - China ' s Response t o the Asian Crisis", China F air for International Investment and T r ade, Xiam en, China, Sept. 8-11, 1998. <http:/ / w ww.w orldbank.org/ html/ extdr/ offrep/ eap/ pgsp090898.htm > - 7 -
(cross - border mergers and acquisition s : M&A ). (United Nation s Conference on T rade and Dev elopment : UNCT AD) 1998,, FDI 4,604, 1,659, 175 68.5%, 3.8%, 5.4%,. 12) 1950 1970 ( Greenfield FDI ), 1980 M&A. M&A.,,.,. 1990,. (Multilateral A greement on Inv estment : MAI) 13). 12) UNCT AD, W orld I nves tm ent R ep ort 1999. 13) 1991 (OECD) (CIME) (CMIT ). 1995 OECD 1995 9 MAI, OECD EU, WT O ( ) 14. 1996 12 OECD, (NGO) MAI 1998 4. - 8 -
III. 1. (int ernational joint v enture) (comparativ e adv antage) (synergy effect ).,,,,,..,. (International Finance Corporation : IF C),. 14). 85% 6, 20% 18. 14),,, (IFC) 6 75. Robert Miller, Jack Glen, Fred Jaspersen and Yannis Karmokolias, "International Joint Ventures in Developing Countries : Happy Marriages?", I F C D iscuss ion P ap er No.29, W orld Bank, 1996. < http:/ / ww w.w orldbank.org/ fandd/ english/ 0397/ articles/ 050397.htm >. < http:/ / ww w.ifc.or g/ economics/ pubs/ dp29/ dp29.pdf> - 9 -
. (JV ) (equity structure) 80%, 78%, 45%, (st affing issue) 44%, 42%. (intellectual property ),. (v aluation problem ). (tran sparency ),. (conflict resolution ). (m anagem ent respon sibility ). (management independence). (owner ship structure),. (MNC),.. (tran sfer price) - 10 -
. 2.,,,, (JV ). 15),.,.,....,.,,, (communication ) (deadlock ),, 3., (articles of incorporation, by - law s ) 16). 15),, 1996, 162 163. 16) ( memorandum of association ; articles of incorporation, charter ) ( articles of association ; by- law s).,., 163. - 11 -
,. 17),,,.. 3,,,. 18) (fir st refu sal) 19).,. 20). 17). (ultra vires doctrine) (the transaction of any or all lawful business ). 18),,,, 1981, 387. 19) (335 1 ), (335 2 4 ). 20) M&A. IMF.,,,.. ( ) 3., 2001.10.9 M&A 3. - 12 -
3.. 21) : (bu siness structure),,,.,,.. : ( ),,,. :,,,. :... (learning effect ) :. 21) IFC Discussion Paper ("Int ernational Joint Ventur es in Developing Countries") ABA ("Negotiating and Drafting International Contract Joint Ventures", pp.304-308). - 13 -
...,,,. : (good w ill, under standing ). (cultural conflict ) : (multinationality ) (bu sines s practices ).., (communication ). (in surance) : (non - ex clu sivity clau se), ( ), (good will), (contract termination ).,. : (product s liability : PL). PL. (disput e resolution ) : (self- ex ecuting agreement ). - 14 -
. (addressing hard issue). (exit m echanism ).,. (arbitration ) (injunction ).. :.,.. (commitment ). (living document ). IV. 1. (W orld T rade Organization : WT O) 2008. - 15 -
,,..,,. 2000 6 15.,. 2. 22). WT O.,,,..,,,,. 23) 22) (KOT RA ), ( ), 2001.7, 36 41. 23) 1993 12 1994 7. ( ).,,..,, - 16 -
. 1979 7 (1990.4. ) 1988 9. 24) (Equity JV )..,,,,, ( ) ( ).,.. 1988 1995 8 (Contractual JV )., 25).... 9, 2001.2, 268 270, 284. 24) 2000 36 56.7%. KOT RA, 37. 25). - 17 -
..,,,,,,,,., 3.,,,.,...,,.. 1986 4 1990 12 100%.,., - 18 -
,.........,.... ( ).,., 26) 26),. - 19 -
.,,. 27).,,....,..,,. 30% 27) 2,,, 1..,, 3.,,. KOT RA,, 80, 99. - 20 -
. 30% 50%. 70%. 28). ( ).,...., 3. 3. 29). 28)., 90. 29) (2001.9),,,.. - 21 -
1984 9., 1992. 100%. 1992 10 2,, 50. 1998 9 1992 1999 2, 2001 4.,,,,,,,,,,,,,,, (1991.12),,,,,,..,,. (,, ) (, ) ( 2 )., ( 2, 2, 10, 11 ).. - 22 -
( 2, 2 ). ( 14 ), ( 4, 9 )..,,.,. 1992 ( 5 ), 1999.,,. 30).. 31)..,,, ( ),, ( 30),, 45 51. 31). - 23 -
12, 11 2, 37, 28 ). 30% ( 2, 2 ). 3 ( )( 12, 10, 26 ). - ( )- ( / ) (, ),., ( ) ( ). ( 37, 126, 101 ). ( 37 ).,, ( 7, 158, 21, 132 ). 3 ( 42, 43, 47, 21, 31 ).... ( 3 2 ) - 24 -
( 5 ), ( 19 2 ).,,.,, ICSI D 32)... 32) (International Center for Settlem ent of Investment Disputes). ICSID. - 25 -
, OECD, 5,, 1996.,,, 1995.,,,,, 2001.9.,,,, 2001.9.,, 9, 2001.2., ( 2 ),, 2001. (KOT RA ), ( ), 2001.7.,, 1996.,,,, 1981.,, 2000.1.,, 2001., 2, 2000.12.15. Pieter Bottelier, "T he Role of F oreign Direct Inv estment and Multinational Corporation s in China ' s Developm ent - China ' s Respon se to the A sian Crisis", China F air for International Inv estment and T rade, Xiam en, China, Sept. 8-11, 1998. Stephen P.H. John son, "Negotiating and Drafting International Contract Joint Ventures", N eg otiating and S tructuring I n ternational Com m ercial T ransactions : L egal A naly s is with S amp le A g reem ent, Shelly P. Battram and David N. Goldsw eig (ed), Am erican Bar A ssociation, 1991. Robert Miller, Jack Glen, Fred Jaspersen and Yannis Karmokolias, "International Joint Ventures in Dev eloping Countries : Happy Marriages?", I F C D is cuss ion P ap er No.29, W orld Bank, 1996. Stephen Sayer, "Negotiating and Structuring International Joint Venture Agreements", 14th May 1999. <http:// www.dundee.ac.uk/ cepmlp/journal/ html/ article5-1.html> < http:/ / w w w.w orldbank.org/ fandd/ english/ 0397/ articles/ > < http :// w w w.ifc.org/ economics/ pub s/ discu ss.htm > - 26 -
ABST RA CT Leg al A s pe ct s of Int ern ation al Joint V enture s Park, Whon Il International joint v entures are u sually formed and m anaged by domestic companies and foreign inv estors for the comm on objectiv es. T hey offer an opportunity for each partner to benefit significantly from the comparativ e advant ages of the other. Local partner s bring knowledge of the domestic market ; familiarity w ith gov ernment bureaucracies and regulation s ; understanding of local labor market s ; and existing manufacturing facilities. F oreign partners can offer advanced proces s and product technologies, management know - how, and access t o export market s. In Korea, joint v entures have been encouraged to u sher in foreign inv estors w ith foreign currency capital badly needed during the IMF financial crisis. In the meantime, Korean law s and regulation s with respect to joint v entures hav e been largely overhauled to promote foreign direct inv estment (FDI) both inbound and outbound. T hey include four types of FDI, i.e., acquisition of foreign st ock s, provision of long - term loan s, participation in joint operation s like resources dev elopment, and est ablishment of foreign offices. From the legal point of view, the formal joint venture agreement mu st be an offspring of a series of tough negotiation s bet w een dom estic and foreign partners. T hey u sually stress the long - t erm relation ship w ith the good will and dedication t o each other, and restrict the free tran sfer of st ock s. Both partner s are earnestly interested in the ow nership and management of the joint v enture. So they keep a close eye on the articles of incorporation, changes of bu siness environment, conflict resolution methods, tran sparency of accounting and other financial matter s. W hen a multinational corporation (MNC) is involv ed in the joint venture, conflict s over management strategies, marketing and other is sues t ake place more often than not betw een the MNC and local partner s. - 27 -
W e have to pay attention to joint v entures, particularly, in China and North Korea. A s witnessed in other tran sition economies, China is eagerly bringing in foreign direct investment s for the dev elopment of nation ' s economy. China encourages foreign inv estors t o est ablish ordinary joint v entures, contractual joint v entures, solely inv est ed foreign capital companies and jointly operated dev elopment companies w ith local partner s. In North Korea, how ev er, joint v entures hav e a different m eaning like contractual joint v entures in China, in w hich North Korean partners have an initiative in the management. Rather, jointly operated companies or simply proces sing - for - w age companies are recommended in view of the unpredictable legal infrastructure in North Korea. Key W ords : foreign direct investment, FDI, joint v enture, multinational corporation s, tran sition economies - 28 -